Corefy's new reconciliation tool to manage transaction data

The Payment reconciliation centre supports instant automatic reconciliation for multiple accounts, payment methods, and currencies. Automation helps switch the focus from the time-consuming manual reconciliation of each transaction to handling exceptions.

According to Corefy, financial losses due to chargebacks, double payouts, improper actions by providers, and the cost of identifying and investigating conflicts are common problems among their clients. All of them are related to errors in working with and managing accounting data manually. That's why they decided to develop a new solution and automate the reconciliation processes.

How does the Payment Reconciliation centre work?

Reconciliation represents a process of payment data synchronisation. Inner transactional data of a business account is compared with vendors’ statements to make sure all expected payments and payouts have been actually finalised.

The Payment reconciliation centre offers all the necessary tools to resolve edge cases and monitor the company's financial health. It includes two-sided and echo reconciliation, ready-made provider integrations, pre-defined import schemes and an opportunity to create customised ones. Advanced user management and log audit allow for minimising the risk of concealing any findings of the reconciliation tool.

Officials from Corefy explained that the reconciliation centre is useful for different types of businesses as it works with the transactions’ data regardless of one’s industry or business model. Moreover, it does not require any technical efforts as it is a highly automated cloud-based solution.

The team plans to develop the Payment reconciliation centre further. They are actively working on increasing payment data processing efficiency and improving automated conflict detection.

What does Corefy do?

Corefy is a universal feature-rich payment orchestration platform for online businesses and payment institutions. Corefy's mission is to provide a platform for any size of business to manage payment processes. The team integrates payment providers and acquirers all around the world to bring a unified communication, control, and management interface. The technical platform provides functionality for connecting and managing payment services, initiating and processing transactions, collecting and analysing payment data, and more.